Case study
Performance at a major bank was declining. The company's executives wanted to improve profitability through better customer management. Bain recommended the company create a special program for its highest-value clients to attract and retain loyal customers. The result was an increase in both retention and profits.
PiggyBank* knew the relative economic position of its customers, but didn't know how to use this knowledge to improve the bottom line.
PiggyBank had seen a recent decline in performance. Its executives wanted to improve profitability through better customer management.
Historically, the bank had treated customers either equally or based on relative economic position, assuming wealthier clients were more profitable.
Bain was asked to help PiggyBank refine its approach to customers and improve its value proposition.
Investigating customers and benchmarking the industry pointed the way to solutions.
For the highest-value clients, Bain recommended that PiggyBank create a special value proposition to attract and retain loyal customers.
By migrating to the right customer relationships and improving the value proposition, PiggyBank increased profits significantly.
* We take our clients' confidentiality seriously. While we've changed their names, the results are real.
